Sophia Sommer

(602) 512-9825

Compare the three ways to buy

The payment, the cash to close, and what is left to pay

Cash to Close
Assumption

Assumption only

$2,864/mo
Lowest payment
Down payment
$290,738
Funds due
$308,325
Interest + MI left
$193,174
First ends
Dec 2051
Assumption

Assumption + second

$4,390/mo
+$1,526/mo
Down payment
$77,738
Funds due
$96,620
Interest + MI left
$529,519
First ends
Dec 2051
New loan

New conventional

$5,557/mo
+$2,694/mo
Down payment
$77,738
Funds due
$91,465
Interest + MI left
$1,048,207
First ends
Dec 2056

Monthly payment

The initial total housing payment for each option.

Assumption onlyAssumption + secondNew conventional
First mortgage$478,262$478,262$691,262
Second mortgage—$213,000—
First P&I$2,230.68$2,230.68$4,786.16
Second P&I—$1,525.96—
Mortgage insurance——$138.25
Taxes, insurance & HOA$633.08$633.08$633.08
Total housing payment$2,863.77$4,389.73$5,557.49

Cash to close

Down payment, closing costs and prepaids, then credits.

Down payment$77,738
Closing costs & prepaids$18,881
Usable credit−$0
Total buyer cash needed$96,620
Earnest money paid−$0
Remaining funds due$96,620
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,391.31
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$919.25
Initial HOA (3 months)$330.00
Prepaid interest, first (1 days)$37.61
Prepaid interest, second (1 days)$45.23

Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.

What is left to pay

The seller already paid down the early, interest-heavy years.

Remaining first mortgage at closing25 yr 1 moOf the original 30-year loan at 2.870%
Interest already paid$71,872Through Nov 2026
Assumption only · ends Dec 2051$193,174
Assumption + second · ends Dec 2051, second Dec 2056$529,519
New conventional · ends Dec 2056$1,048,207